journal entries
DESCRIPTION
Sample Entries you can useTRANSCRIPT
Receipt of Gross Premiums Written:Cash xxGross Premiums Written xxReceipt of Unearned Premium:CashxxUnearned Premium ReservexxUnearned portion of premium earned:Unearned Premium ReservexxPremium IncomexxGross premium written received:CashxxGross Premium WrittenxxPayment of Deferred Policy Acquisition Costs(commission expenses, underwriting expenses, policy issuance costs):Deferred Policy Acquisition CostsxxAccounts Payable or CashxxPayment of annual policy acquisition costs:Policy Acquisition CostsxxDeferred Policy Acquisition CostsxxPremium Ceded payable by reinsurerPremium CededxxDue to reinsurerxxCommission Income from premiumsDue to insurerxxCommission Incomexx